By Melissa Centurio Lopes on Aug 19, 2016
By: Mike Metcalf, Oracle
Enterprises – from industries as diverse as banking and manufacturing – are focused on bringing a new level of discipline and sustained success to their continuous improvement (CI) initiatives. And, there’s good reason for this renewed interest as CI and process excellence (PEX) initiatives prove themselves essential to securing – and, more importantly, maintaining – a competitive advantage in today’s challenging economic climate.
As expectations for CI and PEX evolve, so too must the ways in which enterprises manage these critical business initiatives. Increasingly, many organizations are looking to apply project portfolio management (PPM) methodologies and tools that offer a strategic path forward – enabling them to drive more successful and sustained business transformation and process improvement (PI).
I’d like to share insight from three organizations that are innovators in using PPM cloud-based solutions to drive successful PI and PEX initiatives. Click on the video links below to watch short clips from my panel discussion with these industry leaders: Leslie Behnke, Vice President, Process Improvement and Service Quality, TD Bank Group; Robert Woodford, Director, Business Continuity, Disaster Recovery, Project and Testing Services, Ross Stores; and Steven Ehmann Director, Process Excellence & Innovation, Verizon.
TD Bank Cashes in for Greater Collaboration Across North America
After the 2008 financial crisis, banks turned to PEX initiatives to be more effective and efficient to get back up and running. TD Bank, one of the 10 largest banks in the United States with around 26,000 employees, was no different. It looked for a scalable PPM solution that would help it manage PEX projects more simply while enabling greater collaboration across the business – from bank tellers, to engineers, to the IT team. The bank created a core group of six people to manage a few projects with 10 million dollars of annualized savings the first year. Today, this core group includes over 100 people who handle thousands of continuous improvement projects that have to date yielded more than $1 billion in total benefits.
With a cloud-based PPM solution in place, TD Bank has the scale to manage thousands of PEX initiatives and can support a holistic approach to managing multiple large scale projects across North America as well as a robust and continuous PI culture. The bank now has an end-to-end system with all projects in one place – enabling TD Bank to keep track of projects and align them to the strategic imperative (operational excellence and transformation) while having an accurate view of PI efforts, risk and compliance, cost reduction, and more.
Ross Stores Seals the Deal with Increased Visibility
As minimum wages rise, the need to squeeze every dollar possible on project execution becomes increasingly important. Ross Stores, a retail chain selling brand-name clothing, shoes, accessories, and housewares at discount prices, was feeling this pressure and looked to achieve greater precision around its PI initiatives.
The company was looking for a unified view across the enterprise and a one-stop shop for project execution that tracked and measured project data and could alert management to any emerging PEX project issues, delays, or risks no matter the location. With this capability, Ross Stores could drive a cultural shift that supports early identification and addressing of potential issues. Ross Stores has adopted a crawl, walk, run approach to CI project management. Now in the walk phase and with a PPM solution in place, Ross Stores has better visibility into bottlenecks through enhanced project tracking, aggregated financial reporting, and insight into resource capabilities. By having access to data geographically and hierarchically, the company has greater insight as to where they should focus their efforts, enabling Ross Stores to improve project execution.
Verizon Answers the Call with Better Decision-Making
Verizon, the largest wireless telecommunications provider in the United States, was looking for a holistic view of PEX initiatives across the enterprise that included a clear view of financials and a central repository for the intellectual property created across its teams and stakeholders.
The Fortune 15 company with 178,000 employees started its PEX journey four years ago from the ground floor to figure out how it could make better PEX decisions for the future based on facts. To get up and running quickly, Verizon turned to a cloud-based PPM solution that it could use to easily and quickly train, coach, and deploy design tools with the intent of delivering enhanced value through PI projects. Today, the enterprise has a repository that highlights milestones, reviews, and alerts stakeholders of how the portfolio is progressing.
Verizon is now making better decisions for tomorrow with increased insight into PEX projects – enabling it to deliver benefits to customers and shareholders, train future leaders more effectively, and continue to evolve the company’s culture for continued improvement and success.